Tax Deductions, Payroll Deductions? Child Tax Credits? Energy efficiency Credits? What do you have to set aside, what is worth tracking? How do we use the tax code to our advantage? These nuggets are here in Credits and Deductions.
In case you didn’t hear the news, Congress extended all of the tax breaks that ended in 2013… for just one more year. While this leaves the future hazy [...]
Many business owners might not be aware of this, but gifts that your business gives out to vendors, customers, or other business associates are only tax deductible up to $25 [...]
It’s back to school time! As everyone is busy getting ready to head to class, I want to remind the teachers out there that they have a special educator [...]
What's the difference between a hobby and a business? According to the IRS, it is whether or not you are trying to make a profit. If you are not trying [...]
Section 179 deductions are the tax magic that let you fully deduct capital assets in the year your purchase them. By combining Section 179 and the depreciation rules regarding purchasing [...]
When you purchase big ticket items such as computers, furniture, and equipment these are called capital expenditures. Usually these items last more than one year so we allocate the cost [...]
If you use your car for your business your CPA has probably told you to track your mileage. The reason is that there are two way to calculate the auto [...]
It is almost summer and many people will be thinking about traveling. If you plan it right you might even be able to deduct a good part of your trip. [...]
The cost of high education keeps rising. If you, or a dependent, are in college make sure you take advantage of the tax breaks you might be eligible for. The [...]
There is a simplified home office deduction new for the 2013. This is a great thing for those work-at-home types. To calculate the deduction you take the square footage of [...]
I find this shocking. If the government wants to know where to focus IRS audit efforts it should take a look at the earned income credit program. I'm sure there [...]
HSA Limits The IRS just released information regarding the 2014 inflation adjusted amounts for Health Care Savings Accounts (HSAs). For 2014 the annual limit for individuals is $3,300 and for [...]
With all of the changes to the tax code that were signed earlier this year the IRS is scrambling to catch up. If you are a taxpayer that claims one [...]
With the economy as it is these days people might find themselves moving to find work. It is possible for these expenses to be tax deductible. Here is a guide [...]
